Co-op types
Credit unions
Member-owned financial organisations offering products such as savings and loans. Eligibility and product terms vary. Credit unions have specific legal and regulatory requirements and are regulated by the FCA and PRA.
Start with membership
Who belongs?
People within an eligible common bond. The organisation’s governing documents define who may join, their obligations and their rights.
A useful question to ask
Am I eligible, what are the current product terms, and which protections apply to this particular product?
Model and legal form are different
Co-operative societies, community benefit societies and companies have different legal characteristics. A community benefit society is not simply another name for a co-operative society. A company can be structured co-operatively; a CIC designation alone does not create democratic member ownership.
Credit unions have their own specific regulation. If you are forming or changing an organisation, take its purpose, control, capital requirements and proposed use of assets to a qualified adviser.
Prepare for choosing a structure →